Citicorp has launched a business unit to assist small and medium-size companies in Hong Kong with funding and transaction services.

The banking company said in a release that the recently created unit will work with companies with annual sales of less than $51 million. Citicorp estimated there are more than 300,000 small to medium-size companies in Hong Kong, many of which have good potential for growth.

The banking company added it plans to provide cash management, trade finance, asset financing, foreign exchange, and specialized financial assistance to companies in sectors ranging from wholesale distribution to manufacturing, construction, transportation, and services.

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